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The Apple Card is now offering interest-free financing options on more than just iPhones.
Previously, along with rich rewards via Apple Pay, the card also featured the ability to finance iPhones at zero interest over 24 months, through what it calls Apple Card Monthly Installments. But as of June 15, 2020, Apple Card Monthly Installments will also be an option for things like Macs, iPads, AirPods, Apple TVs and various other devices and accessories.
Here’s a list of Apple Card Monthly Installment terms and what qualifies:
Pay over 24 months with 0% interest: iPhones.
Pay over 12 months with 0% interest: iPads and Macs (including MacBook Air, MacBook Pro, iMac, iMac Pro, Mac Pro, and Mac mini). You'll get the same terms for a multitude of accessories such as an XDR Display, Pro Stand, Apple Afterburner Card, eligible keyboards, Apple Pencil, qualifying covers for iPad Pro and iPad and more.
Pay over 6 months with 0% interest: Apple TV, HomePod and AirPods.
Under the terms of these plans, which are open to existing cardholders as well as new applicants, your monthly installment is automatically added to the minimum payment due on your Apple Card.
In addition to these financing offers, the Apple Card also offers rewards at the following rates:
3% cash back
• Apple Pay purchases made directly with Apple (including Apple stores, within the App Store and for Apple services).
• Uber and Uber Eats purchases via Apple Pay.
• Walgreens and Duane Reade purchases via Apple Pay.
• In-store T-Mobile purchases via Apple Pay.
• Nike purchases via Apple Pay (in U.S. stores, via Nike.com and on Nike apps).
• Exxon and Mobil gas station purchases via Apple Pay. This includes fuel, car washes and convenience store purchases.
2% cash back
All other purchases made via Apple Pay.
1% cash back
All purchases made with the physical Apple Card. (LIMITED-TIME OFFER: The physical card earns 3% back on eligible purchases at Walgreens drive-thrus through July 31, 2020.)
According to Apple, with the onset of COVID-19-related remote work and distance learning, customers are relying on Apple computers and tablets more than ever, and adding these financing options helps get the devices into more hands.
How does this differ from what the Barclaycard Financing Visa® offers?
The Barclaycard Financing Visa® — formerly called the Barclaycard Visa with Apple Rewards — also allows you to finance Apple products. But there’s a key difference between what that card offers and what the Apple Card is advertising.
With the Barclaycard Financing Visa®, you're getting deferred interest offers, in which interest is not waived but merely set aside and accruing in the background. If you pay off your Apple purchase in full before the promotional period ends, you're charged nothing more. But if you still owe a balance on that purchase when the promo offer ends — even if it's just a few cents — you'll be charged interest retroactively from the date of your purchase.
The Apple Card, on the other hand, is offering true 0%-interest installment financing. You pay a set amount each billing cycle — which is automatically factored into your minimum payment due that month — until the purchase is paid off. During this time, you are not charged interest. And unlike the Barclaycard Financing Visa®, the Apple Card earns rewards.
However, the Barclaycard Financing Visa® might still make sense in some cases. That's because it offers up to 18 months of deferred interest on purchases of $999 or higher. If you're buying an expensive Mac, you might appreciate the extra few months to pay it down on your own timetable. Just make sure you can pay it off in full before those 18 months are over.